I am progressing with the sale of my home in Welwyn Garden City and the EA has just called to say that the buyers are switching conveyancer. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a major mortgage company only deal with certain solicitors rather the firm that they want to select for their conveyancing in Welwyn Garden City ?
UK lenders have always had panels of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks justify this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
What happens if my lawyer’s firm is expelled from the Aldermore Conveyancing panel ahead of completing my conveyancing in Welwyn Garden City?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
How does conveyancing in Welwyn Garden City differ for newly converted properties?
Most buyers of new build or newly converted property in Welwyn Garden City contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because developers in Welwyn Garden City tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Welwyn Garden City or who has acted in the same development.
I am looking for a ground for flat up to £305k and identified one close by in Welwyn Garden City I like with open areas and transport links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Welwyn Garden City for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
We expect to complete our sale of a £225,000 flat in Welwyn Garden City on Monday in a week. The management company has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Welwyn Garden City?
Welwyn Garden City conveyancing on leasehold maisonettes usually necessitates the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be willing to assist. They may charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I purchased a split level flat in Welwyn Garden City, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable flats in Welwyn Garden City with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2090
With 72 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.